Golf Cart Market Size

Golf Cart Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The golf cart market is expected to be valued at around $ 1.3 billion in 2022 and is projected to reach $ 2.05 billion by 2030, growing at a CAGR of 6.9% from 2024 to 2030. This growth trend reveals the increasing demand for golf carts, which is primarily driven by the growing popularity of golf and the growing demand for electric vehicles in various applications, such as leisure and transportation. The number of golf courses in the world is increasing, and golf carts have been used in cities for short-distance transportation. Moreover, the development of lithium-ion batteries can increase the driving range and efficiency of golf carts, thus enhancing the popularity of golf carts. The trend of sustainable development and the increasing demand for eco-friendly transport will also drive the demand for electric golf carts. The leading companies in the golf cart market, such as Club Car, EZ-GO, and E-Z-GO, are constantly launching new products and entering into strategic cooperative relationships to seize market share. Recent new products with smart features and high performance are expected to drive market growth.

Regional Market Size

Regional Deep Dive

OVERVIEW The golf cart market is growing dynamically in various regions, driven by the growing demand for electric vehicles, the rising popularity of golf as a leisure activity, and the increasing number of golf courses and golf resorts. In North America, the golf cart market is characterized by the strong presence of established manufacturers and the increasing demand for eco-friendly transportation solutions. In Europe, the focus is on innovation in terms of design and technology, especially in terms of electric golf carts, and the need for sustainable mobility. The Asia-Pacific region is emerging as an important market, with the growing urbanization and rising prosperity driving golf cart demand. Middle East and Africa are experiencing a golf boom. The Latin American golf cart market is growing, mainly driven by economic and regulatory factors.

North America

• The popularity of golf in North America has been stimulated by the PGA Tour, which has promoted the game and increased the demand for golf carts.
• The latest innovation is the smart golf cart, which is equipped with a GPS system and other high-tech devices, which not only enhances the golfing experience, but also attracts consumers who are interested in technology.
• There are already a number of states that are allowing electric golf carts to be used on public roads, which is expected to increase sales and thus increase the take-up of golf carts.

Europe

• The European countries are becoming more and more interested in the environment, and the electric golf car industry is growing. The American companies Club Car and E-Z-GO are investing in greener technology.
• The European Golf Association is promoting a drive to improve golf course accessibility. This is resulting in a demand for golf carts that are more versatile and can cope with different types of terrain.
• The stricter emission limits set by the European Union are pushing manufacturers to produce cleaner and more efficient models.

Asia-Pacific

• The golf cart industry is growing rapidly in the Asia-Pacific region, particularly in China and Japan, where the number of golf courses is increasing. This has increased the demand for golf carts.
• In addition to the local manufacturers, companies such as Garia and Yamaha have also begun to establish their presence in India. They are introducing products that are in tune with the local tastes and preferences.
• Governmental initiatives promoting sporting and leisure activities have a positive influence on the golf cart market, as seen in the development of urban areas.

MEA

• In the Middle East and Africa, golf is booming, especially in the United Arab Emirates, where golf carts are increasingly used as a means of transportation for resort guests.
• And projects like the expansion of the Dubai Golf Club are generating demand for luxury golf carts.
• The cultural influences, especially the growing popularity of golf among the rich, are influencing the market, and thereby increasing the demand for golf.

Latin America

• Brazil and Mexico are adopting golf carts for both utility and recreation, encouraged by local regulations that favor the use of electric vehicles.
• The development of golf as a sport is supported by the Latin American Golf Confederation, which promotes golf tournaments and courses.
• The growing middle class has a lot to do with it. They have more money to spend on golf carts.

Did You Know?

“In the United States, golf carts are used on more than ninety per cent of the courses, thus facilitating the playing of golf and making it easier for players to get about.” — National Golf Foundation

Segmental Market Size

The Golf Cart Market is currently experiencing a period of steady growth, driven by the growing demand for green transport solutions for leisure and business. The popularity of golf as a leisure activity and the growing trend of using golf carts in residential communities and resorts are driving the market. In addition, the government’s promotion of electric vehicles has further accelerated the growth of the golf cart market.

The electric golf car is now a mature industry. The most advanced models are produced by companies like Club Car and Yamaha. The primary applications are on golf courses, in private communities, and at large events where fast, low-noise, and quiet transportation is essential. Continuing trends in sustainability and the drive to reduce the carbon footprint are accelerating the growth of the golf car industry. The latest developments in lithium-ion batteries and smart connectivity are further enhancing the appeal and functionality of golf cars.

Future Outlook

The golf cart market is set to grow at a healthy CAGR from 2022 to 2030. The market value is estimated to increase from $1.3 billion to $2.0 billion, a robust CAGR of 6.9 per cent. The golf cart is being adopted not only by golf courses, but also by various other industries such as tourism, hospitality, and public transportation. The electric golf carts are expected to gain in popularity as more and more cities and private parties recognize the benefits of using them. By 2030, it is expected that they will account for over 60 per cent of the market.

A number of developments in the field of batteries and electric engines will increase the performance and efficiency of golf carts, and will also increase their attractiveness to consumers. A smart golf cart equipped with GPS, telematics, and advanced safety systems will also contribute to market growth. In addition, supportive policies to reduce carbon emissions and promote sustainable transportation solutions will also stimulate the use of electric golf carts. In the future, golf carts will be equipped with self-driving technology and will be widely used in public places. Especially in urban areas, the trend of sharing golf carts will become more popular.